Remember when you started your business? Whether you started from scratch or took over an existing business, you had a gleam in your eye and a bounce in your step whenever you thought about it. Even after the sleepless nights and long weekends that come with a new venture, you were in love – with your ideas, the thrill of making your own way, the promise of the future.
Then why, after 5 years, do 80% of small businesses close? What is it that steals the love we once had, that saps our energy, that wears us down? While some businesses close due to financial reasons, the vast majority of them close due to owner burnout. The owners simply wear out over time.
Well I’m here to say that it doesn’t have to happen that way – you can build a successful business that doesn’t consume your time, energy, and let’s be honest, your life. Here are 4 tips for falling in love with your business all over again.
Find Your Why
In his book “Start With Why”, Simon Sinek takes us back to the basics of why we do anything that we choose to do. We all had a ”why” when we started our businesses, but we have either forgotten them or they were too basic (pay the bills). Either way, your why no longer inspires or motivates you, so you need to revisit it and rekindle your passion for what you are doing that is bigger than your business.
Vision and Mission
Now that have your personal why figured out, it is time to create the business version of why, creating (or updating) your business’s Vision and Mission. Together, these define your long term plan for your business, and how you intend to go about achieving it. Once again, these should inspire and energize you and rekindle the passion for what you do.
Celebrate the Wins
We never have a hard time to finding the time to beat ourselves (or our teams) up over mistakes, lost opportunities, or anything else that goes wrong in business. At the same time, we rarely can find the time to celebrate the wins, no matter how big or small. This leads to a never ending cycle of focusing on all the things that went wrong, when far more things went right if you are still in business. Set aside the time to discover wins (at our staff meetings, each team member shares their biggest win from the previous week before we get to the rest of the agenda).
Let Your Team Help You
Too many business owners work more hours and make less money because they are convinced that no one can do it better than them. Even if this is technically true, so what? Start building your business so that your team CAN serve your clients well. This is easier than you think – all it takes is a decision on your part to do it. When your team can serve your clients, that frees you up to do the things that only you can truly do, plus it gives you time to work on strategic ideas – the fun part of growing a business!
If you are ready to start enjoying your business again, let us help you by scheduling a free Business Strategy Session with one of our coaches, where we will help you rediscover your passion and identify strategies for turning your business back into the dream you had way back when.
Author: Mark McNulty, Business Coach in Louisville, KY